INFORMATION GUIDE

INFORMATION GUIDE

Student Financial Assistance for Full-Time Post-Secondary Students in New Brunswick

2020-2021 | studentaid.gnb.ca

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Contact Information

For information regarding your application, contact:

STUDENT FINANCIAL SERVICES

Telephone:

Fax: Telephone Hours: Mailing Address:

Website:

506-453-2577 (Fredericton area and outside toll-free zone) 1-800-667-5626 (the rest of NB, the Atlantic Provinces and west to mid-Ontario) 506-444-4333 8:00 a.m. to 7:30 p.m. Monday to Friday 9:00 a.m. to 1:00 p.m. Saturday Student Financial Services Post-Secondary Education, Training and Labour P.O. Box 6000, 440 King St., Suite 420 Fredericton, New Brunswick E3B 5H1 studentaid.gnb.ca

All documentation can be submitted electronically by visiting studentaid.gnb.ca and selecting Upload a Document.

For information about disbursements and repayment of your Canada-New Brunswick Integrated Student Loan, contact:

NATIONAL STUDENT LOANS SERVICE CENTRE (NSLSC)

Telephone:

TTY: Mailing Address:

Website:

1-888-815-4514 or 800-2-225-2501 outside North America plus country code 1-888-815-4556 P.O. Box 4030 Mississauga, Ontario L5A 4M4 nslsc.ca

Ce document est aussi disponible en fran?ais.

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Table of Contents

Contact Information...........................................................................................................................i STUDENT FINANCIAL SERVICES ...............................................................................................................................i NATIONAL STUDENT LOANS SERVICE CENTRE (NSLSC)...........................................................................................i

Introduction ...................................................................................................................................... 1 New in 2020-21.................................................................................................................................2 Eligibility Criteria ..............................................................................................................................3 Available Financial Assistance ...........................................................................................................4

ASSISTANCE FOR PART-TIME STUDIES ...................................................................................................................4 ASSISTANCE FOR FULL-TIME STUDIES ....................................................................................................................4 Applying for Full-Time Student Financial Assistance...........................................................................8 How Assistance is Calculated.............................................................................................................9 STEP 1: DETERMINE YOUR STUDENT CATEGORY AND GROSS FAMILY INCOME ...................................................9 STEP 2: CALCULATE YOUR TOTAL EDUCATIONAL AND LIVING COSTS ................................................................ 10 STEP 3: DETERMINE YOUR RESOURCES............................................................................................................... 11 STEP 4: DETERMINE YOUR ASSESSED NEED ........................................................................................................ 12 FUNDING REVIEW................................................................................................................................................ 12 OVERAWARDS ..................................................................................................................................................... 13 Receiving Your Funds ...................................................................................................................... 14 FIRST TIME APPLICANTS ...................................................................................................................................... 14 RETURNING APPLICANTS..................................................................................................................................... 15 CONFIRMING YOUR ENROLMENT ....................................................................................................................... 15 DISBURSEMENT OF FUNDS.................................................................................................................................. 15 Maintaining Your Eligibility While in Studies ................................................................................... 16 YOUR RESPONSIBILITIES ...................................................................................................................................... 16 PERIODS OF STUDY +1 LIMIT ............................................................................................................................... 17 LIFETIME ASSISTANCE LIMITS.............................................................................................................................. 17 KEEPING GOVERNMENT STUDENT LOANS INTEREST-FREE................................................................................. 17 Repaying Your Student Loan ........................................................................................................... 18 CONSOLIDATING YOUR LOAN ............................................................................................................................. 18 MAINTAINING YOUR LOAN WHILE IN REPAYMENT ............................................................................................ 19 REVISION OF TERMS ............................................................................................................................................ 19

REPAYMENT ASSISTANCE PLAN........................................................................................................................... 19 REPAYMENT ASSISTANCE PLAN ? PERMANENT DISABILITY................................................................................ 20 DEFAULT .............................................................................................................................................................. 20 RESERVIST BENEFIT.............................................................................................................................................. 20 CANADA STUDENT LOAN FORGIVENESS FOR FAMILY DOCTORS AND NURSES .................................................. 21 Your Information ............................................................................................................................ 22 COLLECTION OF PERSONAL INFORMATION ........................................................................................................ 22 USE AND DISCLOSURE OF PERSONAL INFORMATION......................................................................................... 22 SOCIAL INSURANCE NUMBER VERIFICATION ...................................................................................................... 22 AUTHORIZATION TO DISCLOSE INFORMATION................................................................................................... 22 FALSIFIED INFORMATION .................................................................................................................................... 23 Glossary .......................................................................................................................................... 24

Introduction

The Government of Canada and the Government of New Brunswick work together to provide student financial assistance (referred to as "assistance") in New Brunswick. Loans, grants and bursaries are available to help students access and afford postsecondary education.

This guide provides New Brunswick students with information about assistance for the 2020-2021 loan year (August 1, 2020 to July 31, 2021).

Assistance is meant to supplement, not replace, other resources to pay for postsecondary education. You may want to look at other options to help with your costs such as:

? Employment; ? Internship or co-op programs offered for your program of study; ? Bursaries, grants and scholarships; ? Savings; and ? Funding from parents and relatives.

This guide contains important information on both the New Brunswick Student Loans Program and the Canada Student Loans Program. While these two programs differ, they have been integrated for administrative purposes. In this guide you will learn about programs and options available to you.

You can get additional information about financial assistance for part-time studies at canada.ca/student-financial-assistance. A separate application form, available at studentaid.gnb.ca, is required for part-time funding.

This guide reflects information and policies in effect at the time of publication. Every effort has been made to ensure its accuracy, but changes can occur during the year. As a borrower, you will be advised of any program changes that affect you.

2020-2021 Information Guide

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New in 2020-2021

You can now submit documents to us electronically through the "Upload a Document" functionality on our website. Information on how to upload a document and frequently asked questions on uploading a document can be found at studentaid.gnb.ca.

Interest rates on New Brunswick Student Loans have been lowered to match those charged on Canada Student Loans. The floating interest rate has been lowered from the Prime Rate plus 2.5% to the Prime Rate and the fixed interest rate has been lowered from the Prime Rate plus 5% to Prime Rate plus 2%.

Suspension of Repayment of Canada and New Brunswick Student Loans. To support student loan borrowers during the COVID-19 pandemic, student loan repayment will be suspended until September 30, 2020. Interest will not be charged to borrowers on their student loans from March 30/31, 2020 to September 30, 2020. More information can be found at studentaid.gnb.ca.

In response to financial challenges facing students from the COVID-19 pandemic, changes to Canada Student Grants and Loans will come into effect August 1, 2020 and will be available for the 2020-2021 academic year:

? the maximum amount of most Canada Student Grants will be doubled. This includes the Canada Student Grant for Full-Time and Part-Time Students, the Canada Student Grant for Full-Time and Part-Time Students with Dependents and the Canada Student Grant for Students with Permanent Disabilities.

? the Canada Student Loan limit will be increased from $210 to $350 per week of study.

For the 2020-2021 academic year, a fixed student contribution will not be used in determining your need for student financial assistance. For married or common-law students, a partner contribution will also be excluded from the calculation of need.

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